The OMX Helsinki 25 index was down 0.2% in afternoon trading. Against that backdrop, Neste, the renewable fuels and oil refining company, jumped 5.6%, the strongest move among the group of large caps. Kesko, the retail operator, gained 2%. In contrast, Konecranes, which makes material handling equipment, dropped 9.8%, while Kone, the elevator and escalator manufacturer, fell 4.4%. Fortum, the Nordic energy company, slipped 2%, and UPM-Kymmene, the materials solutions provider, was broadly flat.
Neste’s rally followed a sharp improvement in profitability, with comparable EBITDA surging to EUR 861 million from EUR 210 million and net profit reaching EUR 533 million from a loss a year ago. The jump was driven by soaring product prices and volatility tied to the Middle East conflict, alongside gains from its performance program.
Fortum posted solid growth but still trailed the market, with comparable EBITDA rising to EUR 600 million from EUR 538 million and operating profit climbing to EUR 536 million. Higher power prices and generation volumes supported results, even as cash flow declined.
Kone’s decline came despite modest growth, with sales up 1.3% to EUR 2.7 billion and adjusted EBIT increasing 5% to EUR 293.6 million. CEO Philippe Delorme said the quarter showed “good momentum in strategy execution,” supported by service and modernization growth, though China remained a headwind. Apart from this, Kone said today it is planning to acquire its German rival TKE to become one of the world’s largest elevator and escalator companies.
Konecranes saw the steepest share price drop as sales fell 7.7% to EUR 908 million and comparable EBITA edged lower, reflecting delivery timing and softer volumes, even as margins improved.
Kesko delivered steady gains, with sales rising 7.1% to EUR 3 billion and comparable operating profit increasing to EUR 102 million, supported by growth across all divisions. UPM reported a softer quarter, with sales declining to EUR 2.5 billion and comparable EBIT down 5%, though energy and biofuels units performed strongly.
Separately, UPM said it plans to spin off its plywood business into a new listed company, WISA Group, with completion targeted for October 2026 pending shareholder approval.
Overall, earnings highlighted a divide between companies benefiting from energy market volatility and those facing volume or regional demand pressures.
